关键词: 中国式发展道路, 福利效应, 政治晋升锦标赛, 垂直结构

Abstract:

This paper builds a multi–sector DSGE model incorporating the political promotion tournament to analyze the welfare effect of the Chinese-style development path with the combination of the effective government and the efficient market, taking the role of state-owned enterprises in the national economy under the Chinese–characteristics vertical structure as a point of penetration. Our findings are as follows: (i) The impacts of the political promotion shock on social welfare change in the U–shaped curve, and the upstream–downstream linkage shock decreases social welfare, but weakening the political promotion tournament and at the same time reducing the upstream–downstream linkage can help improve social welfare; (ii) Promoting financial reform and reducing the financing constraints of non–state–owned enterprises can increase social welfare; (iii) If the government sector withdraws the appropriate support to state-owned enterprises, the role of the effective government will be curbed and this will do harm to social welfare. Hence, in the Chinese–style development path we should pay full attention to the role of the political promotion tournament and the vertical structure, and strengthen the confidence in the path.

Key words:

Chinese-style development path, welfare effect, political promotion tournament, vertical structure